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Financial risk management

Managing fraud risk with technology, data, and analytics

See how we help with financial risk management

As the number of data breaches continues to grow, fraud risk assessments are no longer optional for businesses. It’s essential to protect your customers—and has also become ingrained in your bottom line. And the stakes are especially high for financial services organizations.

Complicating matters even more are the fact that consumers are wary of providing their personally identifiable information to organizations because of data-breach risks. But this information is critical to meet requirements for a myriad of guidelines and rules like Red Flags Rule, USA PATRIOT Act checks and many others.

Today’s environment makes fraud risk management especially complex, posing many challenges and questions to businesses.

How can you best manage exposure to financial risk? What guidelines should you put in place to mitigate fraud threats? How can you stay compliant with consumer privacy regulations?

Fortunately, a single solution can help you manage it all—searching, monitoring, scoring and investigating consumers and businesses quickly and efficiently—all in one place. 

This is the age of the mass data compromise

Data breaches

The hacking of personal or account information is becoming more and more frequent. Perhaps what's most disturbing, however, is the unprecedented size and scale of these attacks.

According to the Gemalto Breach Level Index, there were more than 1,700 data breaches - that's an average of four breaches a day - that lead to 1.3 billion compromised data records in 2016.

Cost of cybercrime

Vast domestic and international crime rings fuel the systematic industrialization of fraudulent activity, whose exploits net enormous returns. This makes fraud big business. Other influences include the fact that data is easier to access and steal given today's technological dependence.

Ponemon Institute revealed that the cost of cybercrime in the U.S. alone was nearly $13 billion in 2014.

The dark web

The methods by which criminals monetize stolen data are both varied and inventive. Much of it ends up for sale on the dark web, which is a questionable part of the internet known for illegal and anonymous activity. Here, full or partial data sets of personal or financial data can be purchased anywhere from a dollar or several hundred.

Digital news outlet Quartz reports that the going price for a stolen identity on the dark web is $21.45.

Learn more about financial fraud:

Financial compliance

Can your compliance program keep up with the regulatory market?

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Payment fraud

Catch payment fraud schemes with real-time monitoring.

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AML

Are you meeting anti-money laundering compliance requirements?

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KYC

Make sure you know your customer (KYC). It isn't optional.

Learn more

Financial fraud

Return to the financial fraud homepage.

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Optimize your fraud risk management with CrossCore

A single platform to enable compliance, mitigate fraud risk, and enable your organization to make informed decisions. Find fraud. Prevent fraud.

 

Learn more about a better way to manage fraud prevention and identity services.